Posted Dec 22 2022 at 7:15 amUpdated 22 Dec. 2022 at 7:19 am
During the 40e anniversary of his accession to the throne, Queen Elizabeth II evoked the year 1992 in these terms that have become famous “This is not a year I will look back on with unmitigated pleasure. In the words of one of my most indulgent correspondents, it was an annus horribilis. His speech followed a series of embarrassing events for the Crown throughout 1992: a fire at Windsor Palace, the breakdown of the marriage of two of these children (a third separation within the royal family was to be made public the following month ) and various leaks in the press…
The Queen’s frank and honest acknowledgment of these difficulties has opened up three decades of deep respect for the monarchy, both nationally and internationally. The Fed (US Federal Reserve), which is trying to get out of two annus horribilis, would be well advised to follow its example. This would be the best way to regain its political credibility, restore its reputation and reduce its vulnerability to inauspicious political interference – all crucial factors for its effectiveness – and therefore for the whole economy.